An Iowa Real Estate Developer has Filed for Bankruptcy.
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Iowa Developer Declares Chapter 7 Bankruptcy


July 12, 2011

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An Iowa developer filed for chapter 7 bankruptcy.

An Iowa real estate developer has filed for consumer bankruptcy less than three months after a judge dismissed his attempt to seek Chapter 11 bankruptcy protection, according to the Des Moines Register.

Randy Walters filed for Chapter 7 bankruptcy last week, listing his liabilities at $10 million to $50 million and his assets at $1 million to $10 million. The bankruptcy petition included a list of more than 100 creditors, including 37 banks and other lenders, the newspaper reports.

In April, U.S. Bankruptcy Judge Lee Jackwig dismissed Walters' petition to reorganize his company, Grix Lee L.C., under Chapter 11 bankruptcy. Jackwig reportedly made the ruling after Community Business Leaders - one of Walter's lenders - objected to the filing because it had shelled out $500,000 for property taxes that Walters' company failed to pay.

In addition, the media outlet reports the lender claimed that further delay in the foreclosure of property owned by Walters' company would cause the property to lose its value.

There were 9,448 consumer bankruptcy filings in Iowa in 2010, according to the American Bankruptcy Institute. The ABI recently announced that personal bankruptcies have fallen during the first six months of 2011 compared to the same period last year.

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